The increasing demand for health benefitting foods that is needed beyond basic nutrition to promote optimal health is currently the cornerstone of the development of functional food ingredients market. The growing awareness among a large population demographic regarding the consumption of nutritive food rather than only satisfying taste and appeal considerations is providing a strong basis for the growth of players in the market. As a result, consumers are opting for nutritive convenience foods and nutritionally fortified foods in place of traditional convenience and junk foods. In particular, in developed economies, the changing perception of food cabinet as a medical cabinet is leading to an increasing number of consumers stocking up on wholesome foods. Hence, functional foods are increasingly becoming a commonality in the kitchens of health-savvy consumers.
Increasing product innovations complemented with the development of novel chemicals to enhance the taste and appeal of functional food is further giving an impetus to the functional food ingredients market. Furthermore, the easy availability of a large variety of functional foods is favoring the growth of this market.
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However, the market is challenged by stringent regulatory agencies that have a lengthy approval process before food is available for commercial sales. These mandates are based on the safety norms in place for foods to be suitable for consumption for varied social demographics and varied age groups. Accredited agencies such as the UN’s FAO and FDA are constantly monitoring the use of colors and chemicals in foods, especially for new markets such as the global functional food ingredients market. As such, product manufacturers are under pressure to obtain approvals prior to manufacture and distribution, which adds up to the time taken for the final product to be available for commercial sales.
In terms of revenue, the global market for functional food ingredients is projected to be worth US$32.4 bn by 2024 increasing from US$19.38 bn in 2015 at a CAGR of 6.0% between 2016 and 2024.
Rising Disposable Incomes and Increasing Spending on Health Benefitting Foods to Boost Functional Food Ingredients Market in Asia Pacific and Latin America
North America stood as the largest market for functional food in 2015 accounting for US$6.99 bn revenue of the overall market. The region is displaying a robust demand for functional foods in comparison to functional beverages due to their increasing availability in restaurants and eating joints.
However, the emerging economies of Asia Pacific and Latin America are currently offering tremendous growth opportunities for players in the functional food ingredients market. Countries such as China, India, Brazil, and other nations that are in similar state of intense economic growth have a large working class population with disposable incomes and are spending heftily on healthy foods and nutritional supplements. This is expected to translate into great opportunities for manufacturers of functional food ingredients and also due to relatively relaxed regulations in Latin America and Asia Pacific.
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Demand for Functional Foods to Remain High from Functional Beverages Segment
The demand for functional foods is expected to outdo the demand for functional beverages. Although beverages have been popular due to ease of manufacturing and can be modified to myriad tastes, functional foods are displaying a greater demand for health reasons.